Authorities in Germany have seized cryptocurrencies valued at approximately €34 million and shut down the server infrastructure of crypto swapping platform “eXch,” officials announced Friday.
The operation, carried out on April 30 by the Frankfurt Public Prosecutor’s Office and the Federal Criminal Police Office (BKA), dismantled a digital service accused of enabling large-scale money laundering. eXch, operating since 2014, facilitated anonymous crypto-to-crypto transactions and was accessible through public and darknet domains.
Platform Linked to Illicit Transactions
Investigators allege that eXch played a key role in the criminal underground economy by allowing users to swap cryptocurrencies without undergoing identity verification or data logging. The service advertised its lack of anti-money laundering controls and was reportedly promoted on illicit marketplaces.
Authorities believe that a portion of the $1.5 billion stolen in the February 2025 hack of the Bybit crypto exchange was laundered through eXch. In total, the platform is suspected of processing over $1.9 billion worth of digital assets, including Bitcoin, Ether, Litecoin and Dash. The crypto assets recovered during the operation represent the third-largest seizure of their kind by the BKA.
The seizure also included over eight terabytes of data, which law enforcement expects will contribute to additional cybercrime investigations.
Criminal Charges and International Cooperation
The unnamed operators of eXch are under investigation for commercial money laundering and running a criminal trading platform. Authorities say the service’s structure was specifically designed to mask the origin and destination of illicit funds tied to cybercrime, including hacking and the sale of stolen financial information.
Although the platform’s operators had announced they would shut down services by May 1, law enforcement moved ahead of schedule, securing servers and databases one day earlier. The rapid action allowed investigators to preserve evidence and intercept assets before further movement could occur.
The investigation was conducted in collaboration with the Dutch Tax Investigation Department (FIOD), reflecting the cross-border nature of cybercrime.
Authorities Emphasise Ongoing Efforts
Carsten Meywirth, head of the BKA’s cybercrime division, said the operation underscores the scale of cyber-enabled financial crime. “Once again, we have secured a substantial sum in incriminated cryptocurrencies and dismantled an infrastructure used for digital money laundering,” he said.
Dr. Benjamin Krause, Chief Public Prosecutor with the Central Office for Combating Internet Crime (ZIT), highlighted the role of anonymous crypto-swapping services in concealing proceeds from criminal activities. He emphasised that law enforcement would continue targeting such platforms to disrupt illegal financial flows. German authorities say the case is ongoing and may lead to further criminal investigations.
